Bitcoin price retargets $29K after Mt. Gox panic liquidates $320M
Carnage thanks to a disproved scare over Mt. Gox bitcoins destroys large amounts of BTC open interest and trading positions in hours. Bitcoin (BTC) returned to a familiar range on April 27 as panic over alleged Mt. Gox and United States government transactions faded. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView "Rough" price action keeps Bitcoin traders cautious Data from Cointelegraph Markets Pro and TradingView showed BTC/USD traded near $29,000 on Bitstamp, up nearly $2,000 from the prior day’s low. Snap volatility had kicked in following the Wall Street open as bulls’ trip to $30,000 was rudely interrupted by fears that BTC from wallets controlled by the U.S. government and entities related to defunct exchange Mt. Gox were on the move. As Cointelegraph reported, the claims turned out to be false, but not before wiping a large slice of open interest from derivatives markets and sending BTC/USD down 7%. A subsequent recovery returned the pair to $29,500 bef...